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Aqua Cove

Aqua Cove


Tallahassee, FL

Type and Size

Property Summary

Aqua Cove is a Class B student housing complex consisting of 876 beds in Tallahassee, FL. The property was acquired in 2014 through a joint venture and was sold in 2016.

Student Housing
876 beds

Investment Narrative

Calidus, together with Pebb Capital acquired 3,155 beds from the Lynd Company in 2014. This underperforming portfolio required a heavy lift to include over $10 million in capital improvements, a complete rebranding program (known as Aqua), and an aggressive management strategy to help increase occupancy and rental rates. The capital improvement plan covered a rebuild of all clubhouses and gyms, detailed unit renovations, new furniture, and exterior repainting. Within a 3 year period, the entire portfolio was repositioned and sold to market.

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